Why consider putting your home on the market at this point in your life? You may want to downsize, or liquidate your assets and move into a retirement community or assisted living facility. Or maybe you’re just ready for a change of scene. Know what the move can mean in terms of your health, wealth, and peace of mind. Here are 4 reasons seniors should consider selling their house.
Liquidating and Growing Your Assets
Selling your home now rather than later has some significant financial advantages. A home is a major asset. You probably have built up substantial equity. Grow your money by reinvesting that equity in interest-generating investments. You’ll have the funds available for the purchase of your new home and be able to contribute the remainder to growing your nest egg.
Downsizing to Enjoy Life
If you’re currently living in a home that is old or considerably larger than your needs, your overhead is likewise more than it needs to be—especially if your children are no longer living at home and it’s just you or you and your spouse. Repairs to fix deterioration, utility bills, general upkeep, and property taxes are taking an unnecessary bite out of the money you could be using for other living expenses, or for the fun things in life, like travel and entertainment.
Planning for Your Health
Even if you enjoy excellent health now, it’s wise to accept that you’ll have future health issues that could affect your ability to care for yourself and your home. Eighty-six percent of older Americans in 2012 had at least one chronic condition; 61 percent had two or more chronic conditions, according the 2015 White House Conference on Aging.
With age, it becomes physically more difficult to maintain a house so it’s in good condition. Having to walk flights of stairs, cook, clean, do housework, and pay the bills can become a struggle. A fall or other serious accident or health change such failing memory could render you homebound and dependent on others.
Delaying a move to a more appropriate or managed environment could place a caregiving burden on your family, and a burden on you for the finances to cover home health care and other in-home services.
Avoiding Outgrowing Your Neighborhood
If you’re already at a life stage where your health is failing, you may be relying on others to take you shopping, to doctor visits, and to engage in outside activities. You may feel isolated from not getting enough social interaction. Your neighborhood may no longer be as convenient or appropriate for your needs.
For instance, older adults can become targets of fraud through too-good-to-be-true offers from door-to-door solicitors who try to take advantage of elders, sometimes bilking them out of large sums of money.
As a senior, you may resist making big decisions. Picking up and moving from a home that you’ve lived in for many years is a big change. But change can open up opportunities, making those golden years more comfortable physically, emotionally and financially. Making the decision to sell your home is a move in a positive direction, one that will maximize your life savings and make aging an experience of joy and comfort.
